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Petrol to fall below £1 a litre, experts predict

The average cost of a litre of petrol has dropped from 131.6p in July, when oil was $105 a barrel, to 112.6p a litre now with oil at $57 a barrel.

All four big retailers - Asda, Morrisons, Sainsbury's and Tesco - announced this week that they were knocking a further 2p off a litre. Asda will charge 107.7p a litre for petrol, its 13th cut to prices since the end of September.

Further drops in the world oil price are predicted before May's election, some analysts suggesting that it will fall to below $40 a barrel, which in turn will push petrol below £1 a litre. However prices are likely to rise again towards the end of the year.

Morgan Stanley is forecasting that prices could even briefly fall to as low as $35 a barrel before recovering.

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The RAC has said that the price of Brent crude, now down below the $60-abarrel mark for the first time since early July 2009, was predicted to keep on dropping.

Simon Williams, an RAC fuel spokesman, said: "What's currently happening at the pumps with falling fuel prices is something many motorists will not remember seeing before."